| PREVIOUS | NEXT | NEW SEARCH |
A Century of Lawmaking for a New Nation: U.S. Congressional Documents and Debates, 1774-1875
Journals of the Continental Congress --THURSDAY, APRIL 22, 1779
A letter, of this day, from N. Greene, Q. M. G. was read:
Ordered, That it be referred to the committee appointed to superintend the quarter masters and commissary's department.
Resolved, That a member be appointed on that committee in the room of Mr. F[rancis] L[ightfoot] Lee, who is returned home.
The member chosen, Mr. [John] Armstrong.
A letter from Brigadier Muhlenberg, and
A petition from Colonel [Philip] Van Cortlandt and Colonel [Peter] Gansevoort, were read:1
[Note 1: 1 Muhlenberg's letter is in the Papers of the Continental Congress, No. 163, folio 510; the petition of Van Cortlandt, dated She 9th, in No. 42, VIII, folio 39.]
Ordered, That they be referred to the Board of War.
A letter from J. Trumbull, Jun. was read, inclosing his resignation of the office of Comptroller:
Ordered, That the letter be referred to the Board of War.
A motion was made by Mr. [William Henry] Drayton seconded by Mr. [Meriwether] Smith, that Congress proceed in the order of the day upon the report of the committee upon foreign affairs. The motion being objected to as being out of order, the sense of the House was taken, whether a motion to proceed to the order of the day is regular and in order before the reports of the Boards of Treasury and War shall
Page 491 | Page image
have been either dispatched or postponed. On which the yeas and nays being required by Mr. [Henry] Laurens:
{table}
So it passed in the negative.
The Committee on the Treasury reported, that, according to the order of the House, they have had the reports of the Board relative to finance printed for the use of the members; and that, in the opinion of the Board, the public business cannot be conducted under the present arrangement of the treasury, and that it is necessary the reports now submitted be taken into consideration as soon as possible.1
[Note 1: 1 On April 13 (p. 444, ante), Congress directed that certain reports of the Committee on the Treasury should be printed. A copy of this printed piece is in the Library Company of Philadelphia. It contains seven reports, only one of which--the second--carries any date. The first paper is the "Ordinance for establishing a Board of Treasury, and the proper officers for managing the Finances of these United States." This is printed in almost the same terms as the report under July 30, 1779, where any variations between the report and the accepted ordinance are noted. The other six reports of the Board are inserted in this place. No one of them has been found in manuscript form in the Papers of the Continental Congress. See under April 27, post.]
Page 492 | Page image
(No. II.)
Treasury Office, March 31, 1779.
Resolved, That in the opinion of this Committee. it will be impracticable to carrry on the war by paper emissions, at the present enormous expences of the Commissary General and Quarter Master General's Departments.
Resolved, That it appears to this Committee that a general opinion prevails that one cause of the alarming expences in these Departments, arises from allowing commissions to the numerous persons employed in purchasing for the Army; and that a very general dissatisfaction has taken place on that account, among the citizens of these United States.
Resolved, That in the opinion of this Committee it is necessary to put the said Departments on a different footing, with respect to the expenditure of public money.
Resolved, That in the opinion of this Committee, it will be adviseable to recommend it to the several States to take effectual measures for drawing into the Military Magazines such provisions as can be spared in each respective State, and to provide for the Army such carriages and teams as may be requested by the Commander in Chief, commanding officer of any detachment, or Quarter Master General.
(No. III.)
Whereas it is indispensibly necessary, that the greatest oeconomy should be introduced in the public expenditures:
Resolved, That a Committee be appointed to make strict enquiry into the establishments and contingent expences of the respective Boards and Departments, and to consider and report the retrenchments and reformations which shall appear to be practicable and expedient: And that they have power to call for returns from the officers; and for information from the Officers of any Department, and to confer thereupon with the Commander in Chief.1
[Note 1: 1 See under May 28, p. 661, post.]
(No. IV.)
Whereas the expence of the present just and necessary war has hitherto been defrayed chiefly on the public credit; and so much paper money has been, from time to time emitted, that the quantity greatly exceeds what is proper for a medium of commerce, whereby its value is progressively declining; And whereas the honor and safety
Page 493 | Page image
of these United States not only forbid further emissions but require that the quantity now in circulation should be considerably reduced, as it is this alone which can restore the paper money to its just credit, and to confidence equal to the undoubted security on which it ultimately rests; And whereas, so salutary a measure most evidently tends to the private interest and advantage of every individual possessed of paper money: And whereas the citizens of these United States, preferring the advantages of Traffic, have not discovered a sufficient promptitude to place their money in the public Funds, so as to enable Congress to support the war by Loans, but at the same time have manifested the utmost chearfulness in contributing their proportion of the expences by taxes: And whereas from the great plenty of money diffused throughout these United States, large Taxes may be assessed without burdening or distressing the good citizens of these United States, and, no time can be more seasonable than the present for diminishing the public debt, and, Congress being called upon by every motive to preserve the public faith pledged in those emissions, and to prevent the discontents and mischiefs which must follow a further depreciation of the paper money, and firmly relying on the wisdom and public spirit of the Legislatures of these United States, to support and effectuate every measure which shall be necessary for these important purposes,
Resolved, Therefore, that these United States be called upon, in addition to the sum required by resolution of Congress of the 2d of January last, for their respective quotas ofmillion of Dollars, to be paid into the Continental Treasury before the first day of January next in the proportion following, that is to say:
Resolved, That the said several sums, or any greater sums which shall be paid by any of the States into the Continental Treasury, shall be passed to their respective credits, on interest, on the same terms as are prescribed by the resolution of Congress passed the 22d November, 1777.1
[Note 1: 1 See under May 21, p. 626, post.]
Page 494 | Page image
(No. V.)
Whereas objections are made to the present institution of the Continental Loan Office, inasmuch as it subjects individuals to a loss of the sums lent on Loan Office Certificates, whenever the same are destroyed, stolen, or taken by the enemy, And whereas many persons are thus discouraged from placing their money in the public Funds, and it is for the interest of the public as well as individuals, that another mode of Loans should be adopted; Therefore,
Resolved, That from and after the first of June next, all issues of Continental Loan Office Certificates shall cease, and a record of each sum to be borrowed on the faith of the United States, shall be kept by the Commissioner receiving it, in a book to be entituled, a Register of Continental Loans in the State of
That such records be made on the left hand pages of the Registers, signed by the Commissioners and countersigned by the Proprietors of the Loans or their agents respectively, in the manner following, viz. "No.day of177., Received ofofin the State ofdollars on loan atpercent, per annum, the interest of which is to be annually paid, and the principal at the end ofyears in this office, agreeable to a Resolution of Congress of177,countersignedsignedCommissioner, (or agent to) of the Continental Loan Office in the State of."
That in each office such records be numbered from number one progressively.
That indented receipts, in every respect conformable to the records, excepting the countersigning, be issued to the lenders respectively; and when any such receipt is lost, another shall be issued agreeable to the original, with an insertion in the indented margin, of the words "duplicate" or[triplicate as the case may be]. That when interest is paid, the Commissioner shall on the right hand page of the register, opposite to the record of the respective loan, make the following entry:
"177,day ofinterest paid on the Loan, No.to theday of177." and having provided a receipt book, he shall take therein a receipt in the form following:
"177, Received ofCommissioner of the Continental Loan Office in the State ofdollars in bills of credit, [or exchange] in full for interest, to thedayofondollars, lent theday of177, as per record No."
Page 495 | Page image
That each proprietor shall have always a right to transfer his property in the funds; previous to which, and also to the payment of the principal of any loan that may become due, the Commissioner shall on the left hand page of the register, under the record of the loan to be so transfered or paid, take a discharge in the words following: "177,day ofthe United States of America are hereby discharged from all demands on account ofdollars lent to them byas by the above record No."
That such receipts and discharges shall be signed by the respective proprietors, or other persons duly authorised as hereafter directed. That each transfer shall bear date of the latest time to which, the interest of the loan transfered shall have been paid, and be made in the form of a loan, with the following addition, "this being a transfer of the loan, No.dated theday of177."
The Continental Loan Office Certificates, which shall be issued before the 1st June next, may at the option of the respective holders be placed in the funds on the new establishment, and in order thereto, each holder may deliver such certificates to the Commissioner of the Loan Office from whence they were issued, crossing each and cancelling it by a receipt on the back, as follows, "177,day ofReceived the principal ofCommissioner of the Continental Loan Office in the State ofas per record No.signed" whereupon the amount of the certificates so cancelled, shall in the name of such holder be placed in the funds, in the form of a loan, with the following addition,
"This loan having been originally made on the security ofContinental Loan Office Certificates, this day cancelled,"
That the interest arising on certificates when cancelled, shall be paid by the Commissioners respectively.
That the Executors or Administrators of any deceased Proprietor, in order to enable them to transfer the principal, or receive the principal or interest of money which he shall have left in the funds, shall lodge in the Loan Office, a copy of the Will, Letter of administration or other instrument by which they may be authorised to act, duly authenticated by the Notary of the place in which such Proprietor resided. That each person employed by any Proprietor, or by his or her Executors or Administrators to transfer the principal, or receive the principal, or interest, of money in the public funds shall previously lodge a power with the respective Commissioners of the Continental Loan Office, duly authenticated as follows,
Page 496 | Page image
"State ofday of177,is hereby authorised to discharge the United States of America from all demands on account of the principal (or interest to theday of177, or the principal and interest) ofdollars lent to the said States, bythedayof 177, as appears by the record No.in the Continental Loan Office in the State." which power shall be signed by the Proprietor or his or her Executors, or Administrators, and authenticated by the Notary of the place of their residence respectively.
That each Commissioner of the Continental Loan Office, shall borrow on this establishment, such sums only and for such a term of years as Congress, shall from time to time direct, making duplicate monthly returns agreeable to the following form viz.
"A return of loans made agreeable to a Resolution of Congress of theof177, byCommissioner of the Continental Loan Office in the State offrom theday ofto theday of177"
{table}
which returns, being signed shall within ten days after the expiration of each month, be delivered to a Notary, to be by him compared with the records and duly authenticated, and shall then be sent by the said Commissioner to the Board of Treasury, and kept as an additional security to the lenders.
That the blanks of the several forms aforesaid shall not be filled up with figures unless to express the dates and numbers.
That each Commissioner shall provide at the public expence a register with printed forms of the records, and a discharge under each record, together with other necessary books and papers for conducting this business, and shall in all other matters relative to returns and accounts, follow the instructions of the Board of Treasury.
Page 497 | Page image
That the lenders shall, at their request be furnished, by the Commissioners respectively with printed copies of the institution of the Loan Office and of the resolutions of Congress for borrowing money.
That for the encouragement of the lenders the Board of Treasury shall estimate the rates of foreign exchange in these United States in the months of June, September, December and March, of this and each succeeding year, and transmit such estimates to the several Commissioners of the Continental Loan Offices, who shall record the same, and when interest is due on any Continental Loan that shall be registered on or before the first of June, 1780, if the rate of exchange appears by the said estimates to be higher than it was at the date of the record of such loan, the interest thereon shall be increased in the same proportion, the lender having always a right to continue his money in the funds until the exchange is reduced to the same rate as when the loan was registered.
Thatmillion of dollars or such a part thereof, as shall be brought into the Continental Loan Offices on, or before the 1st June 1780, be borrowed on the faith of the United States of America, at an interest of 6 per cent per annum to be increased or diminished in proportion to the rise or fall of exchange, agreeable to the preceeding plan. That the principal be paid at the end of three years after the date of each loan, and that the Commissioners of the Continental Loan Offices in the several States be authorised to borrow the said sum of million dollars, agreeable to the following proportions,
That no sum less thanhundred dollars nor any part of an hundred dollars be received at the said Loan Offices.
(No. VI.)
Resolved, Thatmillion of dollars be borrowed on the faith of these United States in annuities for one life atper cent, and atper cent for two lives without distinction of age. That the
Page 498 | Page image
annuity shall not be for less than 50 dollars on one life and 75 dollars for two lives yearly income. Strangers not naturalized or citizens or subjects of any nation or country may acquire and enjoy the said annuities, which shall not be liable to forfeiture or confiscation even in case of war between the United States and the country of which the annuitant may be a citizen or subject.
That the Board of Treasury be authorised to take the proper measures to carry the said resolution into effect.
(No. VII.)
Whereas unreasonable advantages have been taken of the scarcity of foreign commodities, by forestallers and retailers [to the distress of Individuals and the manifest disadvantage of the public.1]
[Note 1: 1 These words are inserted in MS.]
Resolved, Therefore, that it be earnestly recommended to the Legislatures of the United States, to enact proper laws for suppressing the mischievous practices of forestalling, and for licensing and regulating the retailers of Foreign commodities restricting them to a moderate and reasonable profit.
The commissioners of claims report,
That there is due to Belcher P. Smith for his services in the Secretary's office, from 20th March to 17th April, 1779, each day included, one hundred and seventy four dollars.
That there is due to David Mosely, his pay and board, for copper plate printing, from the 14 November, 1778, up to the 24th April, 1779, each day included, a balance of three hundred and twenty eight dollars.2
[Note 2: 2 This report, dated April 19, is in the Papers of the Continental Congress No. 136, III, folio 259.]
Ordered, That the said accounts be paid.
Mr. [Thomas] McKean, a delegate for Delaware, attended and took his seat.
On motion of Mr. S. Adams [William] Ellery, seconded by Mr. Laurens [William] Floyd,
Resolved, That the consideration of the reports of the Boards of Treasury and War be postponed.
On motion of Mr. [Meriwether] Smith, seconded by Mr. [William Henry] Drayton,
Page 499 | Page image
Resolved, That Congress proceed in the order of the day on the report of the committee of thirteen upon foreign affairs.
Congress resumed the consideration of the fifth article in the report, and according to the order of yesterday, the first question debated was, shall Dr. B. Franklin, minister plenipotentiary at the court of France, be recalled? When the question was about to be put, the previous question was moved by Mr. [Gouverneur] Morris, and seconded by Mr. [William Henry] Drayton,
On which the yeas and nays being required by Mr. [Henry] Laurens,
{table}
Page 500 | Page image
So the previous question being lost, the main question was put; on which the yeas and nays being required by Mr. [Meriwether] Smith,
{table}
So it passed in the negative.
Adjourned to 10 oClock to Morrow.1
[Note 1: 1 April 22d., 1779, I was called out of Congress. Finding Mr. Paine at the door I asked him, what is your pleasure? On which he said, I sent a letter yesterday to Congress, is there any answer or have Congress given any answer? I answered, No.
This is all that passed, and on which Mr. Paine says, On enquiring of Mr. Thomson, your Secretary, I find that no answer is given to any of my letters, &c
April 23. 1779.
Cha. Thomson.]
PREVIOUS SECTION .. NEXT SECTION .. NAVIGATOR
| PREVIOUS | NEXT | NEW SEARCH |